Utah ranks No. 1 in Paycheck Program Protection Loan Amounts

According to a recent report released by the Utah Bankers Association, Utah ranks No. 1 in the country in paycheck protection loan amounts as a percentage of eligible payroll.

The emergency Small Business Administration program will cover a higher percentage of eligible payroll in Utah than anywhere else in the country.

“This is an amazing team effort that will bode very well for Utah’s economic recovery,” said Howard Headlee, CEO of the Utah Bankers Association. “Utah bankers have been working around the clock to help customers withstand the economic disruption related to the pandemic.”

According to the Bloomberg article, Utah bankers processed 45,990 loans totaling $5.5 billion in PPP funds to Utah businesses, which represent 97% of the total payroll eligible for the program. The percent of eligible Utah small businesses that received, or have been approved for a loan, is 71.3%.

“This is a tremendous result, but there are still small businesses out there that we can help,” Headlee said.

There is plenty of money left in the program, Headlee added and said any small business that still needs to apply can find a complete list of participating banks here.